"Back in August 2012, I was contacted via my website by some guy about bitcoin. At the time, bitcoin was at 10 bucks.
He wanted to buy my book and pay with bitcoin. So for the paperback, which sells for about 15 bucks on Amazon, he would have had to fork over 1 and a half bitcoin. So today, the proceeds from the sale of that paperback would be around 85,000 despised fiat dollars."
"What was striking about the deal he tried to draw me into: He offered to buy my book for bitcoin and help me sell a few more books for bitcoin, and in return I would leverage my site to hype bitcoin to my readers."
"Buy and hype. This is the principle on which bitcoin has operated from day one. Everyone getting into it would become a hype artist. And there would be no metric by which its price could be judged. These two factors were the true genius behind bitcoin."
"The first part of this I understood back then: That this has nothing to do with monetary anything, but is a form of gambling. That was clearer than daylight.
The second part I didn’t fully understand: That this form of gambling relies on ever more new gamblers entering the casino and bidding up the price, and that it would be everyone’s job to draw in new gamblers, like a giant pyramid scheme."
usw. usw.
https://wolfstreet.com/2021/02/28/the-bi...in-casino/
He wanted to buy my book and pay with bitcoin. So for the paperback, which sells for about 15 bucks on Amazon, he would have had to fork over 1 and a half bitcoin. So today, the proceeds from the sale of that paperback would be around 85,000 despised fiat dollars."
"What was striking about the deal he tried to draw me into: He offered to buy my book for bitcoin and help me sell a few more books for bitcoin, and in return I would leverage my site to hype bitcoin to my readers."
"Buy and hype. This is the principle on which bitcoin has operated from day one. Everyone getting into it would become a hype artist. And there would be no metric by which its price could be judged. These two factors were the true genius behind bitcoin."
"The first part of this I understood back then: That this has nothing to do with monetary anything, but is a form of gambling. That was clearer than daylight.
The second part I didn’t fully understand: That this form of gambling relies on ever more new gamblers entering the casino and bidding up the price, and that it would be everyone’s job to draw in new gamblers, like a giant pyramid scheme."
usw. usw.
https://wolfstreet.com/2021/02/28/the-bi...in-casino/